Allergan Inc has agreed not to throw up any roadblocks to a special shareholder meeting on Dec. 18, giving Pershing Square Capital Management a chance to attempt its threatened replacement of Allergan board members.The battling parties late on Monday settled their pending litigation before the Delaware Court of Chancery and agreed to a special shareholder meeting on the originally scheduled date.Billionaire William Ackman's Pershing Square and Canada's Valeant Pharmaceuticals Intl, which are attempting a $52 billion takeover of Allergan, sued the maker of Botox anti-wrinkle treatment last month, alleging that Allergan was trying to avoid a special meeting to give it time to find an alternative deal.Although Allergan subsequently set the meeting for Dec. 18, Ackman and Valeant had been concerned that Allergan's strict corporate rules might be invoked in the meantime to stall the meeting.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 0.8% or $1.345/share to $169.90. In the past year, the shares have traded as low as $87.88 and as high as $174.49. On average, 1988080 shares of AGN exchange hands on a given day and today's volume is recorded at 1727888.
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